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According to half a dozen sources , Accel , the global venture firm , is in advanced treatment to lead a financial backing cycle of $ 30 million to $ 40 million inTruemeds , an Indian online pharmacy that ’s focused on providing customers with more low-cost generic alternative to costly brand medicament .
The talks are currently rivet on a propose rating of about $ 330 million for the 6 - year - old , Mumbai - headquartered startup , per these same source , who call for namelessness as the deliberations are ongoing and individual .
The deal has n’t finalized , so it may still not materialise or the terms can change , the sources cautioned . Accel and Truemeds did n’t immediately react to asking for comment .
The potential circle for Truemeds come amid a menstruation of integration and agitation in the on-line pharmacy industry . PharmEasy , backed by Prosus Ventures , has seen its valuation plummet froma summit of $ 5.6 billion to below $ 600 millionafter fight to pay back a loan to Goldman Sachs .
Janus Henderson , the British American global plus house , implieda valuation of about $ 458 millionfor PharmEasy at the end of June , according to its most recent mutual stock disclosures . In 2021 , Tata Digitalacquired 1 mg , another major participant in the space .
Unlike its rival , Truemeds is taking a slightly unlike coming . The inauguration aims to disrupt the provision chain of how medication strive customers , eliminating middlemen that inflate the final price . After customers upload their prescriptions , Truemeds doctors urge generics with the same combat-ready ingredients , produced by Amerindic producer . This service aims to concentrate medicine monetary value , particularly for those with chronic conditions want ongoing treatment .
The weapons platform operates entirely online , with consultations , ordering , and rescue all handled digitally . This eliminate the need for patient to visit strong-arm pharmacies and allow Truemeds to achieve customers in remote areas .
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If the Modern backing materializes , it would more than duple Truemeds ’ valuation , which was $ 132 million in an extended Series B round last year . The startup in the beginning raised the Series B financing from investor , include WestBridge Capital and Info Edge Ventures at a valuation of $ 76.7 million , according to Tracxn , a venture brainwave weapons platform .
